Mortgage Finance Strategy

This blog is about mortgage finance strategy and advice.  With 20+ years of experience, I have worked on thousands of transactions.  I hope to pass along some advice and tips that I have learned along the way that will help optimize your situation.  The blog intends to help with advice, strategy and decision making when diving into the mortgage application process.

How to Compete with Cash Offers?

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Compete with Cash Offers

In the current "sellers" purchase market, buyers out-number sellers by a significant margin leading to competitive bidding on homes.  Frustrated buyers who need to finance their purchase often asked "how can I compete against a cash offer?"  

As a "financed buyer" in a sellers market, you need to take some additional steps to make your offer stand out against the others.  Most buyers are walking around with a "pre-qualification" letter which are generally not a fully underwritten and vetted approval.

Question: How can a financed buyers offer carry the same weight as a cash buyer?

"You have to out-bid or out smart cash buyers! Having a strategy early in the process is critical to success.

Wise Real Estate Agent

Answer:   If your loan is fully approved when making the offer, you can make a "cash-like" offer and remove the financing contingency with the offer.    The financing contingency is the main difference between cash vs. financed offer.   Remove that from consideration and you are on-par with a cash offer.  

What is critical is that you need a lender who can back you and fully approve a loan prior to the offer!   At Home Point Financial, we have a pre-approval system designed exactly for this purpose.   We will approve you ahead of time to give you a competitive advantage in you home purchasing process.

We have had a lot of success with this very approach and have many satisfied clients successfully close on homes where they were competing against cash offers.

Call me and I will get your loan pre-approved so you have the best chance of success!


About the Author

Bob Rowe

Bob Rowe

For 20+ years, I have successfully advised clients on strategically managing their mortgage.  I am a partner you can trust for the guidance you need with the many mortgages your family will need over the long-term. 

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